The OGBL on 14 March presented the results of a survey carried out among more than 450 financial sector staff. The union surveyed members but also unaffiliated employees.
More than 1 in 10 respondents said their salary is too low while 55% said that their pay was “just about” adequate for the work put in. Income and appreciation were listed as top priorities for change, the OGBL said, ahead of work-life balance, job security and a reduction of working hours.
Some 80% of the people who participated in the union’s survey said they wanted to work from home more, saying that they work just as much at home as at the office, if not more.
Given the lack of satisfaction, 52.5% of the staff said they would like to change jobs. At the same time, however, 40% feared being made redundant.
Nearly a third of jobs in Luxembourg are tied to the financial centre, with more than 135,000 people working in the sector, according to data presented at the start of this year.
Other issues cited in the study include a lack of career advancement, with more than a third of respondents saying there was no prospect for a promotion and another 48% saying likelihood for a promotion was slim.
A majority also said that they were not offered training opportunities. Fast-paced changes, such in digitalisation and artificial intelligence are putting more pressure on workers, the OGBL said. Existing talent must be fostered, the union said, while the sector must also find the means to attract new staff.